Displaying items by tag: funding

US: Heliogen is among recipients of a total US$24m in US Department of Energy funding for solar thermal power projects. The department granted it US$4.1m-worth of funding for a project in which it will calcine limestone at 950°C using the heat of the Sun. Heliogen hopes to apply the methods it is developing to prevent the direct emissions of cement production.

India: JSW Cement has taken a loan of US$48.9m with which to finance its planned 47% capacity growth to 25Mt/yr from 17Mt/yr. MUFG Bank India provided the loan subject to sustainability-linked criteria. Press Trust of India News has reported that the producer’s subsidiary Shiva Cement is in the process of establishing a US$183m 1.36Mt/yr clinker plant and 1Mt/yr grinding plant in Odisha’s Sundergarh District.

UK: Breedon Group, together with Australia-based First Graphene, Morgan Sindall Construction & Infrastructure and the University of Manchester, is developing a new reduced-CO₂ graphene-enhanced cement. The consortium is currently formulating the cement using varying doses of First Graphene’s PureGRAPH graphene-enhanced grinding aid. The project received a research grant from the UK government earlier in 2022. First Graphene says that the study involves one of the largest commercial trials of its kind to date globally. It is simultaneously collaborating on another similar trial with a Europe-based speciality chemicals producer.

On 29 September 2022, First Graphene launched its latest range of graphene-enhanced cement grinding aids and concrete additives. These join recent launches PureGRAPH AM, an admixture developed in collaboration with South Africa-based Nanoproof/Glade Chemicals, and HexMortar, a dry mortar mix which will be distributed by New Zealand-based GtM Action.

First Graphene says that its cement and concrete segment’s order pipeline totals US$113m in value. Managing director and chief executive officer Michael Bell said “It is pleasing to see our efforts, and those of our collaboration partners, coming to fruition at a commercial scale. One of the primary drivers for the adoption of graphene solutions in this segment is the reduction of CO₂ emissions. We’re seeing considerable benefits both in the immediate reductions that can be achieved through the use of graphene-enhanced grinding aids, as well as the potential reductions in concrete usage because of the enhanced physical properties these products provide.” Bell concluded “Working with industry-focused partners such as Nanoproof/Glade Chemicals, GtM Action, Breedon Cement and Fosroc opens the way to an estimated addressable market of more than 12,000t of PureGRAPH across the medium to long term.”

Tunisia: Carthage Cement recorded a 48% year-on-year drop in its sales in the first half of 2022, to US$52.1m from US$101m. The producer’s net income for the half was US$4.73m, down by 51% from US$9.74m. It carries forward accumulated losses of US$315m.

Carthage Cement attributed its continued losses to delays to its commissioning of its upcoming new cement plant, as well as additional costs on top of the initial investment. It relied on short-term credits for part of the project’s funding. The company has restructured its bank loans and increased its capital to US$52.9m, in addition to an issue premium of US$10.8m.

US: Argos USA has obtained a US$750m loan for the financing of its working capital and capital expenditure and refinancing of its debt. The loan is linked to environmental, social and governance (ESG) metrics. Bank of Nova Scotia, BNP Paribas, JP Morgan Chase Bank, SMBC and Bank of New York Mellon lent the funds, assisted by Cuatrecasas.

Parent company Cementos Argos said "With this credit agreement, around 44% of Cementos Argos' consolidated debt will be linked to ESG indicators, bringing it closer to the 50% target for 2022 previously announced to the market, and thus reaffirming the company's commitment to meeting ambitious goals in terms of sustainable growth."

Europe: RHI Magnesita is heading a European Union Horizon project called ReSoURCE. The project seeks to develop a sensor-based refractory waste sorting and powder handling system. It involves academic partners in Austria, Germany, Ireland, Norway and the UK. The European Health and Digital Executive Agency (HADEA) supplied Euro6m in funding for the study, while the UK government supplied Euro1m. Global refractory waste generation is currently 28Mt/yr.

RHI Magnesita chief executive officer Stefan Borgas said “On average, 60% of all spent refractories generated by refractory-consuming industries go to landfill, while only 30% are recycled. With the ReSoURCE project, we aim to increase it up to 75%. This means we can achieve significant savings of CO₂ emissions per annum. With this research project, we have the chance to make a difference in the world.”

US: Lehigh Hanson has secured US$3.7m-worth of funding from the US department of energy for its planned front-end engineering design (FEED) installation of a carbon capture system at its Mitchell cement plant in Indiana. The funding was part of a total US$31m pot awarded to 10 different carbon capture projects across multiple industries. All of the projects have the capacity to capture over 95% of emissions from their respective plants.

Mitsubishi Heavy Industries America is supplying its carbon capture system for use at the Mitchell cement plant, at a total project cost of US$4.8m.

UAE: Lafarge Emirates Cement plans to install an organic Rankine cycle (ORC) waste heat recovery (WHR) plant at its Fujairah cement plant. Gulf News has reported that the producer will fund the upgrade through a transition trade facility provided by UK-based bank Standard Chartered. The facility is part of the bank’s planned US$300bn-worth of green finance funding up to 2030.

Lafarge Emirates Cement general manager Olivier Milhaud said “This is one of the major milestones in our journey towards sustainability. The WHR project encourages the use of clean and environmentally friendly energy in our operations and also supports our global mission to build a Net Zero world.”

Thailand: Siam Cement Group has received approval to issue a new lot of debenture worth US$426m on 3 October 2022. The group says that the debenture replaces its existing lot, which will retire for redemption on 1 October 2022. The new lot has an interest rate of 3.25% and matures on 1 October 2026.

India: UltraTech Cement has received US$94.6m-worth in commitments on a planned sale of its commercial papers. Reuters News has reported that the papers will reach maturity in November 2022.